The Benefits of Financial Power of Attorney

Author Archives: Phillip A. Baumann

The Benefits of Financial Power of Attorney

One of the questions you’ll need to consider as you plan your estate is who you will name as your agent in a financial power of attorney. This person will have the authority to make certain financial transactions and decisions on your half should you become incapacitated. There are a variety of benefits to granting […]

Are There Any Risks Associated with Granting Power of Attorney?

Power of attorney is a designation you provide to a chosen person (your agent) to make certain decisions on your behalf, generally related to finances or healthcare. It is an element of any strong estate plan to ensure your wishes are followed in the event of your incapacitation. But are there any risks associated with […]

What You Can Do to Make Sure Your Grandchildren Get Their Inheritance

If one of your estate planning goals is to leave behind assets for your grandchildren, there are several steps you can take to accomplish this. The most important decision you can make is to have open, frank discussions about your estate planning goals with your adult children. If you want to be certain assets pass […]

What to Know About Discretionary Lifetime Trusts

A discretionary trust is a type of trust in which distributions are made at the discretion of another person (the trustee). Beneficiaries in this type of trust do not have any control over trust assets and are not able to demand distributions. These trusts are often used for minor beneficiaries. Here’s a quick overview of […]

What to Consider When Selecting a Guardian for Minor Children

If you have minor children, arguably the most important part of your estate plan is the stipulation in which you name the person who will take care of your children if you and the other parent should die while they are still minors. This person is known as the “guardian” of the children. Most people […]

Estate Planning Tips for Childless People

People who are single without any children often feel as though there is no need for them to worry about developing an estate plan. However, if you own any assets at all, you probably care about what happens to them after your death. In addition, there’s more to estate planning than just passing on assets. […]

Estate Planning Tasks to Get Done While Quarantined

Most of us are stuck at home for the foreseeable future due to the COVID-19 pandemic. Even if you’re still working from home, chances are you’re finding yourself with quite a bit more free time than you’re used to. This down time is a perfect chance for you to get some important tasks done at […]

Estate Planning Steps to Take When You Have a New Baby

Becoming a new parent results in a whole lot of changes in your life. It also tends to be a life event that encourages young people to finally take their estate planning seriously. Your child’s future will be greatly affected by the decisions you make now in your estate planning. It is important for you […]

Tips for Reviewing Your Estate Plan

Developing all of your estate planning documents is only one aspect of estate planning you should focus on. Once you have these documents in place, it is important to periodically review them and make any necessary adjustments. Here are a few tips for reviewing your estate plan. Review beneficiaries: It’s a good idea to periodically […]

Will an Inheritance Affect Child Support?

Child support arrangements can be modified when the person paying or receiving child support experiences changing circumstances in their life, including the amount of money they have. It is worth noting, though, that in most cases gifts and inheritances are not included in calculated income for child support purposes. Still, a court can consider an […]